First Solar (NASDAQ:FSLR) Reaches New 1-Year Low – What’s Next?

First Solar, Inc. (NASDAQ:FSLR)’s stock price hit a new 52-week low on Monday. The company traded as low as $166.10 and last traded at $167.42, with a volume of 200,390 shares traded. The stock had previously closed at $171.99.

Analyst Ratings Changes

FSLR has been the subject of a number of recent research reports. Weiss Ratings downgraded First Solar from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Citigroup downgraded shares of First Solar from a “buy” rating to a “hold” rating in a research note on Thursday, August 27th. Piper Sandler reduced their target price on First Solar from $260.00 to $251.00 and set an “overweight” rating for the company in a research note on Wednesday, September 30th. Sanford C. Bernstein lowered their price target on shares of First Solar from $217.00 to $197.00 and set an “underperform” rating on the stock in a report on Friday, July 31st. Finally, Raymond James Financial initiated coverage on shares of First Solar in a research report on Thursday, August 27th. They issued a “market perform” rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

First Solar Stock Performance

The business’s 50 day moving average price is $192.86 and its 200-day moving average price is $218.37. The firm has a market capitalization of $18.12 billion, a PE ratio of 10.37, a P/E/G ratio of 0.47 and a beta of 1.80.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same period in the previous year, the firm posted $3.18 earnings per share. The company’s revenue was down 3.4% on a year-over-year basis. As a group, analysts anticipate that First Solar, Inc. will post 17.63 earnings per share for the current year.

Insider Buying and Selling at First Solar

In other First Solar news, General Counsel Jason E. Dymbort sold 3,700 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total value of $922,706.00. Following the sale, the general counsel owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. This represents a 39.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha L. Sloan sold 127 shares of the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $222.95, for a total value of $28,314.65. Following the sale, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 16,681 shares of company stock valued at $3,756,286. 0.39% of the stock is currently owned by insiders.

Institutional Investors Weigh In On First Solar

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Clearstead Trust LLC purchased a new stake in First Solar in the 2nd quarter valued at about $34,000. Vega Investment Solutions acquired a new stake in First Solar in the second quarter valued at approximately $40,000. Toth Financial Advisory Corp purchased a new position in First Solar in the 3rd quarter valued at about $32,000. Rakuten Securities Inc. bought a new stake in shares of First Solar in the second quarter worth $44,000. Finally, Allied Private Wealth LLC bought a new position in shares of First Solar during the second quarter worth about $45,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

About First Solar

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.